Truist raised the firm’s price target on Cummins (CMI) to $522 from $434 and keeps a Hold rating on the shares after its Q3 earnings beat. Strong financial performance in Power Systems and Distribution tied to data center/AI demand helped offset weakness in Engine and Components amid a soft North America truck cycle, the analyst tells investors in a research note. The company also sees the North America commercial vehicle markets nearing trough, the firm added.
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